Downtown Colorado Springs rent prices drop slightly; affordability remains a concern

COLORADO SPRINGS, Colo. (KKTV) - Rent in downtown Colorado Springs is still high, but prices have dipped slightly as more apartments open. A studio starts around $1,400, and a three-bedroom can go for more than $3,500. One of the newest apartment complexes, Ensley, is now leasing, with prices starting at $1,300 for a studio and reaching $3,000 for a two-bedroom, two-bath unit.

Even with new housing options, downtown rent is still higher than the city average, mainly due to newer buildings with luxury amenities. But there’s also a push for affordability. A project called Art Space is in the works, aiming to bring lower-cost housing downtown by 2026. Experts say that adding more housing — at any price point — helps keep costs from rising too fast by increasing competition.

“We want to make downtown a place where people can live, work, and enjoy their neighborhood walking to restaurants, coffee shops, or even work,” said Austin Wilson, director of Economic Development for the Downtown Partnership.

Right now, the average rent downtown is $1,830 still high but 4.6% lower than last year. The vacancy rate for buildings open at least a year is 8.8%, showing that demand is still strong. While new apartments are helping keep prices in check, many luxury units remain out of reach for lower-income renters. The Downtown Development Authority hopes projects like Art Space will help close that gap.

“Demand is really high for downtown apartments, and we’re happy to see more residents moving in,” Wilson added.

Breaking down the numbers:

• Average asking rent: $1,830 (down 4.6% from last year)
• Studio apartments start at: $1,425
• Three-bedroom units go for up to: $3,584
• Total downtown rental units: 2,274, with 1,006 added in 2024
• Downtown rent per square foot: $2.56, about 49% higher than the citywide average